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Temple engineering 2013


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Presentation to senior design students Feb 2013

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Temple engineering 2013

  1. 1. Technology Entrepreneurship Is it in your future? Andrew Maxwell Ph.D.
  2. 2. Overview of presentation What is technology entrepreneurship? Why study technology entrepreneurship? Biggest challenges for technology entrepreneurs? Why form a new venture? What are the critical factors for venture success? How does this affect your design project? Where can you find out more? 2
  3. 3. Andrew Maxwell Ph.D. P. Eng. (Imperial), MBA (LBS) Ph.D. in Management of Technology Chief Innovation Officer, CIC Ass. Prof. Fox School of Business/College of Eng. Co-founder 4 technology startups, coached over 100 Taught at U of Toronto/Waterloo Founded U of Toronto’s technology incubator Teach technology entrepreneurship online / in class 3
  4. 4. What is technologyentrepreneurship?“An act of innovation that involves endowing existing resourceswith new wealth producing capacity not restricted to a newtechnological innovation that results from research anddevelopment, or to an innovative cost reduction process, butmaybe a new application for existing technologies, a product orservice innovation or a new way or place of doing business” Peter DruckerTwo types of technology entrepreneurs: Develop technology to drive a new venture Utilize technology to serve unmet market need 4
  5. 5. What makes a successfulTechnology Entrepreneurs? Combine technological ability, business skills and entrepreneurial traits Able to manage / anticipate technology development Anticipate market needs Strong organizational, leadership and financial skills Able to find and form partnerships Passionate, committed and desire to have an impact Deal with business growth issues: raising external finance, taking on business development role 5
  6. 6. Why study technology entrepreneurship at Temple? Traditional jobs for engineers not as easy to obtain Most new technologies launched in startups Engineers should look to understand technology entrepreneurship as an option Taking technology entrepreneurship course helps you: • Understand link between technology development / market demand • Appreciate the performance and market risks • Provide skills and tools that will help you in your career • Help you work better with entrepreneurial technology companies • Develop a possible entrepreneurial roadmap 6
  7. 7. Example from classBufferbox class presentation (Uwaterloo) Complete presentation: Company web site: Bufferbox in 2 minutes: 7
  8. 8. What can you learn in a technologyentrepreneurship class? Help link design project to a market need Understand market validation / venture creation process Build high-performance technology/business teams Identify the critical factors for venture sucess Anticipate and overcome challenges of raising moneyEntrepreneurship and commercialization of technologicalinnovation recognized as drivers regional wealthEnhance your value in the competitive job market ANDhelp you ascertain if entrepreneurship is in your future 8
  9. 9. What are the biggest challenges for engineers?Change from science of technology to science of people: Learn how to become a leader and team builder Understand how and why customers adopt new product Be willing to share control with multiple stakeholders Solve critical problems - develop decision processes Make decisions without complete information Build confidence in team, investors and customersUnderstand the technology is not the solution, but a mean to provide customer value 9
  10. 10. Lessons from academics Problems relying on individual experience:  Sample size is small  Tendency to rely only on successes Problems relying on theory:  Based on what should happen – not what does happen  Ignore complexity – to provide simple prescriptions Motivated my research:  Venture characteristics that lead to success not failure  Entrepreneur characteristics that lead to success not failure  How investors make investment decisions 10
  11. 11. Eight critical characteristics forventure success  Market adoption  Market potential  User acceptance  Route to market  Technology stage  Barrier to entry  Entrepreneur experience  Financial viability 11
  12. 12. Twelve characteristics ofsuccessful entrepreneurs  Capability:  Competence, critical thinking, new resource skill Experience:  Prior activities, relevant knowledge, education Traits:  Confidence, extraversion, openness, agreeableness, conscientiousness Relationship building:  Trusting, able, trustworthy, communicativeHighly motivated to have impact – but might have tochoose between maximizing cash or being king 12
  13. 13. What investors look for Solutions that create a new value for customers Have a significant technology advantage Able to achieve a first mover advantage Scalable and in a dynamic and growing market Able to show benefits of new venture creation Have a management team that is capable Capable of building long-term relationship between investor and management team Andrew’s TEDX UW talk on trust Full presentation 2 minute presentation 13
  14. 14. Why form a new venture, ratherthan use an existing corporation? Business opportunity might be too risky Business might disrupt market & challenge incumbent Entrepreneur’s commitment essential for success Existing companies unable to see opportunity, or too interested in looking after existing business Alternate partnerships required for success Corporate culture and processes might be too slowHowever, if complementary assets, large dollars, or strongbrand required - existing company might be optimal 14
  15. 15. How do these insights influence your design project? Design project one of highlights of undergrad course Use it to solve real problem, and understand application To commercialize –  Understand value proposition  Evaluate competitor alternates  Anticipate how people will make adoption decision Brainstorm commercialization options  Plan A through existing company (how do you choose)  Plan B through start up (your role and your team) Build team consensus (who owns/does what) 15
  16. 16. Potential outcomes Google acquires Bufferbox - December 2012 BufferBox - Let us handle your package
  17. 17. Action you are interested in an entrepreneurial career: Get involved in Entrepreneur Student Association - meeting every Wednesday 12.00 -1.00 in Alter 503 BYOBB – business plan competition – join a team Entrepreneur workshops – every Thursday 4.30 – 6.00 in Alter 503 Course: Entrepreneurial engineering Demo class: 12&rollup=day 17
  18. 18. Thanks for your timeQuestions?Andrew MaxwellEmail: Andrew.maxwell@temple.eduOffice: Alter Hall 551Blog: 18